Joint accounts and credit scores

When you open a joint account with someone, you keep your own credit scores. They don’t merge, and one person’s score doesn’t directly change the other’s.

But when you open a joint account you do create what’s called a ‘financial association’ between you. This means that things that happen on your joint account – like missing a payment, or going into an unarranged overdraft – can affect your individual scores.

Applying for personal credit

If you apply for a personal loan, lenders may look at the credit score of the other person on your joint account to help them decide if they can lend to you.

Applying for joint credit

If you apply for a joint loan or mortgage, lenders will look at both your credit scores. Any decisions made on joint credit applications can affect your individual scores.

Ending your financial association

If you want to end your financial association with one another, close any joint financial products first. You can then ask each of the credit reference agencies (Experian, Equifax, and TransUnion) to end your financial association. It’s free to do.